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American Superconductor's CEO Discusses Q2 2011 Results - Earnings Call Transcript

Stocks in this article: AMSC

We made good progress with our wind turbine manufacturing customers and they in turn helped us diversify our business in the second quarter. On the grid side, we grew our D-VAR system revenues quarter-over-quarter. And along with our partners, we have achieved important power cable milestones. From a financial standpoint, we executed on our plan in the second fiscal quarter and exceeded our financial forecast. This forecast did not contemplate the termination of our acquisition agreement with The Switch. And finally, on the legal front, we made all of our legal filings in China against our former customer, and all of the civil single filings have now been accepted by arbitrators and the courts.

Finally, before beginning our financial discussions, let me bring you up the speed on our litigation activity which is progressing on plan. As a reminder, our issues with Sinovel began in late March when this former customer refused to accept contracted shipments and refused to pay us for past shipments. Over the summer, we discovered evidence that Sinovel had gained access to stolen intellectual property. That of course changed everything.

After conducting an investigation with European authorities, one of our former employees was arrested and he is now in jail following his conviction on charges of economic espionage and fraudulent misuse of data.

In the second quarter, we prepared and filed multiple lawsuits in various jurisdictions in China. In total, we are seeking to recover more than $1.2 billion for contracted shipments and damages.

Read the rest of this transcript for free on seekingalpha.com

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